May 10, 2020 / 10:37 AM / in 20 days

Israel's Azrieli sells desalination subsidiary to Generation Capital

TEL AVIV (Reuters) - Israeli real estate developer Azrieli Group (AZRG.TA) said on Sunday it sold its holdings in GES Global Environment Solutions to Generation Capital (GNRS.TA) for 105 million shekels ($30 million).

GES builds and operates seawater desalination facilities as well as industrial, municipal water and wastewater treatment plants.

The deal is not expected to have a material effect on the Azrieli’s results, the company said.

Azrieli has sold all the assets of subsidiary Granite Hacarmel, and its holding in Leumi Card, for a total of 2.6 billion shekels, as it focuses on the core business of income-producing real estate.

($1 = 3.5093 shekels)

Reporting by Tova Cohen; Editing by Steven Scheer

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